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BYD Motors, a US subsidiary of China's automaker BYD Company Ltd, announced on Wednesday a joint venture to launch the first electric bus leasing program of its kind in the United States.

Banks extended new yuan-denominated loans of 1.48 trillion yuan in May, up 298.4 billion yuan from a year earlier, the PBOC said. The broad measure of money supply that covers cash in circulation and all deposits, or M2, rose by 11.1 percent to 210.02 trillion yuan at the end of May, and the growth rate was unchanged from the end of April, the central bank said.

Banking and insurance institutions received 646 penalties in the first three months during a campaign against violations including defective corporate governance and breaches of macro-regulation policies, it said.

Baidu's CEO, Robin Li, on the cover of Time Asia.

Beaches and parks are empty, towns and cities around the country are deserted, sporting events have been canceled, businesses have shut down and unemployment is skyrocketing. The military is now helping the police ensure that people obey the new social order rules－to self-isolate, keep off the streets unless absolutely necessary and practice "social distancing".